Close Bank of America Credit Card Account
| Listing Information | |||
|---|---|---|---|
| Amount: | $13,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 11% |
| Lender Rate: | 11% | Borrower: | fgwpt |
| Finished | State: | NH | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-05-14 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| May 24, 2008 | Current |
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Purpose of loan: Pay off a credit card with Bank of America. It turns out that with the mortgage crisis, banks are unilaterally raising their interest rate on customers; 28% interest on an account that remains within terms is ludicrous. Given that the spread between what banks are charging (28%) and what they are paying (my Bank of America account is paying around 1%) I'd rather see that 27% difference going elsewhere. My financial situation: I've been gainfully employed without any lapse for the last 20 years, am well known in my own specialized area and the work that I do is still in demand. I own hard assets (real estate primarily, which is not a good thing to borrow against right now.) |
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